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The Economic Theory and Measurement of Environmental Benefits - Per-Olov Johansson

The Economic Theory and Measurement of Environmental Benefits

Paperback Published: 28th December 1987
ISBN: 9780521348102
Number Of Pages: 236

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This book is an advanced text in welfare economics and its application to environmental economics. It provides, in the first chapters, a comprehensive survey of developments in the theory of measurement of welfare, and then applies this theory to environmental economics. The first part derives consumer surplus measures to be used in a timeless world, and the second part looks at international issues.

Prefacep. ix
Introductionp. 1
Some basic conceptsp. 8
The utility functionp. 8
Utility maximizationp. 11
Demand functionsp. 12
The indirect utility functionp. 14
The expenditure functionp. 16
The compensation functionp. 18
The concept of consumer surplusp. 22
Money measures and areas under ordinary demand curvesp. 22
Path-independency conditions and the constancy of the marginal utility of incomep. 26
The compensating and equivalent variationsp. 30
Two examplesp. 35
Appendixp. 38
Topics in the theory of consumer surplus measuresp. 41
A comparison of different money measures of utility changep. 41
Aggregation over individualsp. 46
Estimation of consumer surplusp. 49
Appendixp. 54
Consumer surplus measures in quantity-constrained regimesp. 56
Quantity-constrained utility maximizationp. 56
Consumer's surplus under rationingp. 59
An examplep. 61
Compensating and equivalent variations (surpluses) in quantity-constrained situationsp. 62
Some further resultsp. 65
Appendixp. 68
Public goods and externalities in consumptionp. 72
A utility maximizing household consuming private and public goodsp. 73
Public goods and uncompensated money measures of utility changep. 74
Compensating and equivalent variationsp. 76
On the properties of money measuresp. 79
External effects, quality changes, and market datap. 82
Appendixp. 86
How to overcome the problem of preference revelation; practical methodologiesp. 93
Survey datap. 93
A study based on the bidding techniquep. 95
Hedonic pricesp. 104
A property value studyp. 106
A comparison of survey and hedonic approachesp. 111
Utility functions and demand equationsp. 114
The travel cost methodp. 115
Some further notes on the travel cost method and similar approachesp. 122
Discrete choice models and environmental benefitsp. 126
Behaviour functions when some goods are mutually exclusivep. 127
Critical price levels and corner solutionsp. 131
Consumer surplus measures in the discrete choice casep. 134
The critical price level and the choice of measurep. 136
On the relevance of the travel costs methodp. 136
Econometric modelsp. 140
Estimating the value of a hunting permit from discrete response datap. 143
Consumer's surplus in an intertemporal contextp. 147
An intertemporal modelp. 148
Overall versus instantaneous surplus measuresp. 150
A model with renewable resourcesp. 153
The Brown-Hammack model for allocation of prairie wetlandsp. 155
Estimation of the Brown-Hammack modelp. 158
Aggregation of intergenerational welfaresp. 160
Welfare change measures in a risky worldp. 163
Risk measures and the properties of the utility functionp. 164
Consumer's surplus under price uncertaintyp. 167
Discrete choice under uncertainty: housing tenurep. 170
Intertemporal modelsp. 173
Expected consumer's surplus, option price and option valuep. 176
Appendixp. 182
Money measures of the total value of environmental assetsp. 183
On the total value of a resourcep. 183
Uncertain supply of an environmental assetp. 187
Access valuep. 190
Estimating option prices for wildlife resourcesp. 192
Quasi-option valuep. 194
Some concluding remarks on the choice of money measure in a risky worldp. 197
On directions for future researchp. 200
Notesp. 203
Bibliographyp. 206
Indexp. 220
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780521348102
ISBN-10: 0521348102
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 236
Published: 28th December 1987
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.4
Weight (kg): 0.37